Digital Marketing

Marin Software Announces First Quarter 2022 Financial Results

internet marketing

Marin Software Incorporated (NASDAQ: MRIN), a leading provider of digital marketing software for performance-driven advertisers and agencies, today announced financial results for the first quarter ended March 31, 2022.

“As Tik Tok captures an increasing share of consumer attention, it provides great opportunity for brands to connect with their customers,” said Chris Lien, Marin Software’s Chairman and CEO. “We’re excited to have support for TikTok as well as Yahoo DSP now available in MarinOne.”

First Quarter 2022 Product Highlights:

  • Launched support for TikTok to help advertisers connect with customers on the fastest growing social network.
  • Added support for display advertising campaigns Yahoo DSP to helps advertisers understand and reach their audiences across multiple dimensions on every device.
  • Enhanced our LinkedIn support to make linking and managing campaigns easier as well as tracking conversions.
  • Introduced Amazon Inventory, which allows ecommerce retailers to see all of their products side-by-side, across organic and sponsored listings, in MarinOne’s Shopping Products grid.
  • Expanded Marin Insight to give our users actionable changes to help manage campaigns more effectively and more efficiently, including Responsive Search Ads, First Page Minimum Bid, and Recently Ended Campaigns.
  • Redesigned our Insights tab to include shortcuts, categories, and color-coded cards, allowing advertisers to quickly jump to the Insights they need to see most.
  • Introduced Activity Log notification alerts, allowing users to quickly see when there are changes that need to be posted to their publisher accounts.
  • Migrated customers from Google’s asset-based ad extensions to feed-based ad extensions to help reduce the complexity of management and align with changes coming from Google.
  • Added History reporting to Marin Dimensions, which allows users to see performance history of a segment (or multiple segments, compared up against one another) over a period of time.
  • Expanded MarinOne Engine to support Shopping Products. MarinOne Engine already powers MarinOne’s newest and most advanced grids and enables new campaign types, more data, more flexible reporting, and enhanced processing for scalability.
  • Introduced chat support directly from MarinOne, making it easier than ever to reach our customer support team.

First Quarter 2022 Financial Updates:

  • Net revenues totaled $5.2 million, a year-over-year decrease of 18% when compared to $6.3 million in the first quarter of 2021.
  • GAAP loss from operations was ($5.3) million, resulting in a GAAP operating margin of (103%), as compared to a GAAP loss from operations of ($2.4) million and a GAAP operating margin of (39%) for the first quarter of 2021.
  • Non-GAAP loss from operations was ($4.3) million, resulting in a non-GAAP operating margin of (84%), as compared to a non-GAAP loss from operations of ($2.5) million and a non-GAAP operating margin of (40%) for the first quarter of 2021.
  • In January 2022, an aggregate principal amount of $3.1 million of the loan that the Company obtained pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security (CARES) Act was forgiven. In February 2022, the Company repaid the remaining outstanding balance of the loan of approximately $0.2 million.
  • Reconciliations of GAAP to non-GAAP financial measures have been provided in the financial statement tables included in this press release. An explanation of these measures is also included below, under the heading “Non-GAAP Financial Measures.”

Financial Outlook:
Marin is providing guidance for its second quarter of 2022 as follows:

Forward-Looking Guidance

In millions

Range of Estimate

From

To

Three Months Ending June 30, 2022

Revenues, net

$

4.5

$

5.0

Non-GAAP loss from operations

(4.6)

(4.1)

Non-GAAP loss from operations excludes the effects of stock-based compensation, amortization of internally developed software, impairment of long-lived assets, capitalization of internally developed software, non-recurring costs associated with restructurings, and certain professional fees that the Company has incurred in responding to third-party subpoenas that the Company has received related to governmental investigations of Google and Facebook.

Additionally, the Company does not reconcile its forward-looking non-GAAP loss from operations, due to variability between revenues and non-cash items such as stock-based compensation. The GAAP loss from operations includes stock-based compensation expense, which is affected by hiring and retention needs, as well as the future price of Marin’s stock. As a result, a reconciliation of the forward-looking non-GAAP financial measures to the corresponding GAAP measures cannot be made without unreasonable effort.

Quarterly Results Conference Call
Marin Software will host a conference call today at 2:00 PM Pacific Time (5:00 PM Eastern Time) to review the Company’s financial results for the quarter ended May 5, 2022, and its outlook for the future. To access the call, please dial (877) 704-4453 in the United States or (201) 389-0920 internationally with reference to conference ID 13728727. A live webcast of the conference call will be accessible at https://services.choruscall.com/mediaframe/webcast.html?webcastid=1I1l517G. Following the completion of the call through 11:59 p.m. Eastern Time on May 12, 2022, a recorded replay will be available on the Company’s website at http://investor.marinsoftware.com/ and a telephone replay will be available by dialing (844) 512-2921 in the United States or (412) 317-6671 internationally with the recording access code 13728727.

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